Carpentersville has set itself up for significant growth in the near future with the annexation of more than 1,100 acres to its west.
At a meeting Tuesday night, the Village Board agreed to take control of the land, which is owned by six firms and will be zoned for residential and commercial construction.
The land-mostly rolling farmland and wetlands-adjoins the western boundary of Carpentersville and extends across Randall Road. The area is part of a booming real estate market that has been sprouting housing tracts and commercial buildings.
The landowners had been negotiating with the village for several months over the proposed deal.
Under the agreement, the residential portion of the land ultimately could accommodate as many as 3,000 homes and town homes, adding perhaps 10,000 people to the village population of 23,000.
A 180-acre parcel along Randall will be set aside for commercial development. Although the real estate owners, led by Madison Realty of Chicago, don`t have commercial deals lined up, they said they might eventually include supermarkets and discount chains.
The annexation deal may mean a tax revenue boost to Carpentersville. A study commissioned by the landowners predicts that the village, after expenses, will take in $12 million in new revenue during the first 11 years of development.
Terms of the deal call for Carpentersville to bring sewer and water lines onto the land for about $5.8 million. Of that amount, the developers will pay about $4.7 million and the village $1.5 million.
The local school district will receive 11 acres for a possible school and the city will receive 5 acres for an administration building and a salt storage center and 1 additional acre for a water tower.
Curt Carver, Carpentersville village manager, said that protection of wetlands was built into the deal. The real estate owners also will pay for a traffic study and will have responsibility for future road improvements, he said.
